Tshepong North

  • JSE: R183.14 +1.07%
  • NYSE:$9.55 +1.17%
  • GOLD:$2 703/oz +0.23%
  • GOLD:R1 639 793/kg +0.81%
  • USD:ZARR18.87 +0.57%
  • At 14:49pm, 16 Jan 2025

Overview

Tshepong North is a deep-level underground mining operation in the Free State, near the town of Welkom, some 250km from Johannesburg. Tshepong North is a mature underground operation that uses conventional undercut mining in the Basal Reef while the B Reef is exploited as a high-grade secondary reef. Ore mined is processed at the Harmony One plant, with gold recovered using the gold cyanide leaching process.

As at 30 June 2024

  • Gold Resource: 10.2Moz
  • Gold Reserve: 0.8Moz
  • LoM: 7 years

Operating statistics FY24

Production

3 248kg / 104 426oz

Grade

4.47g/t

Workforce

3 774

All-in sustaining cost

US$1 795/oz

Operating performance FY24

Tshepong North recorded a steady performance in FY24 with gold production decreasing by 3% to 3 248kg (104 426oz) when compared to the 3 354kg (107 834oz) in the previous year. The recovered grade improved year on year to 4.47g/t (FY23: 4.22g/t) for FY24, a 6% improvement, this was however offset by a 9% decrease in the volumes of ore milled to 726 000 tonnes (FY23: 795 000 tonnes).

Revenue rose 10% to R3 877 million (FY23: R3 530 million) due to a 17% increase in the average gold price received to R1 213 187/kg (FY23: R1 041 078/kg). Cash operating costs were up 7% in FY24 to R2 873 million (FY23: R2 673 million) mainly due to annual wage and electricity tariff increases as well as significantly higher MPRDA royalties. Royalties increased 164% to R66 million (FY23: R25 million) as revenue and profits increased.

Capital expenditure for FY24 was in line with the previous year at R559 million (FY23: R553 million). A total of R386 million was spent in respect of ongoing development. Operational free cash increased to R446 million in FY24, a 47% increase over the R303 million recorded in FY23.

Our focus area in FY25

The management team’s main focus will be to deliver safe profitable production in line with FY25 planning and progress early works for Sub-75 decline.

ESG statistics

Lost-time injury frequency rate

4.13 per million hours worked (FY23: 4.63)

Water intensity (/tonne treated)

1.43Ml FY23: 1.12Ml

Energy intensity (/tonne treated)

0.34GWh (FY23: 0.34GWh)

GHG intensity
(/tonne treated)

0.34t CO2e (FY23: 0.35t CO2e)

Local economic development

R20m (FY23: R16m)

SLP

Tshepong/Phakisa 2018 – 2022 (English)
Tshepong/Phakisa 2018 – 2022 (SeSotho)

Tshepong North

Tel: 057 907 2113

Tshepong South

Tel: 057 916 7244

4PM6+MW Odendaalsrus,
Free State, South Africa